Visa International's Asia-Pacific region said the Visa Cash program in Hong Kong passed the million-transaction milestone in June.
The 13-bank Bank of China Group and Standard Chartered Bank introduced the stored-value service with disposable cards in August 1996. They added reloadable features in April 1997.
Seven more banks, including Bank of East Asia, Citibank, and Shanghai Commerce Bank, joined in January 1998.
At March 31, 260,000 Visa Cash cards had been issued, and transactions totaled the equivalent of $4.4 million. The average load was $62, and the average transaction, $4.50.
Visa said about 50% of the transactions took place in supermarkets, 20% in fast-food restaurants, and 13% in convenience stores.